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What are NFT's in Crypto? (Non-Fungible Tokens!) - Beginner's Guide

Rod Rios
Rod Rios - 538 Views
Published on 29 Mar 2021 / In Technology

This is a simple explanation of what NFT's, or Non-Fungible Tokens, are in cryptocurrency and blockchain technology for beginners.

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======== TABLE OF CONTENTS ========

00:00 - Introduction
00:36 - 3 Key Concepts to Understand NFT's Better
01:06 - Subjective vs Objective Value
04:29 - What is a Market?
06:06 - Fungible vs Non-Fungible Assets
08:21 - Definition of Tokens
09:22 - What is Blockchain?
09:45 - Decentralization
10:49 - Transparency
11:58 - Immutability
12:39 - What is An NFT, or Non-Fungible Token?
14:37 - NFT's Available on NFT Marketplace
12:50 - Unstoppable Domains NFT''s
16:45 - Standardization
18:31 - ERC-721 Standard
20:20 - ERC-998
21:09 - ERC-1155
22:45 - Tradeability
23:34 - Liquidity
24:45 - Immuteability
25:15 - Programmability
25:35 - How NFT's Could be Used in the Future
28:20 - Current Cons of NFT's
29:52 - Outro

======== VIDEO SUMMARY ========

This is a video guide for beginners all about NFT's or Non-Fungible Tokens.

We will discuss what NFTโ€™s are, how they are created, how they are being used now, and how they can be used in the future.

A non-fungible token is simply a representation of a unique digital asset that cannot be equally swapped or traded for another NFT of the same type.

So non-fungible tokens can represent digital art, a ticket to an event, an in-game item, virtual property in a virtual world, or even a real-world asset like a deed or title to actual land in the physical world.

Blockchain adds unique properties to digital assets by giving people ownership, management permissions, and transferability on a decentralized, transparent, and immutable platform.

Blockchain technology provides a coordination layer that will impart 6 key properties onto digital assets, all predicated on immutability which are: standardization, interoperability, tradeability, liquidity, immutability, & programmability.


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